FabR[Senior Patek Moderator]
26166
I think it is the opposite, namely that a deduction can be claimed on the purchase price *minus* the fair market value (also by logic, that seems to me the amount that one is effectively giving to charity...).
Dec 11, 2021,23:16 PM
From Phillips' Catalog Essay for this lot:
"Subject to local laws, the buyer of this Lot may be entitled to claim a charitable contribution deduction. Under IRS regulations, a deduction will be limited to the excess of the lot’s hammer price paid over its fair market value. Phillips good faith estimate of the Lot’s fair market value is USD $52,635."